COP29: Which are the main issues at the UN Climate Summit in Baku
The U.N. Climate Summit COP29, which will take place in Baku on November 15th, has been called the "climate financing COP" because its main goal is to decide how much money each year should be allocated to help…
Saudi Attacks, High Demand Leaves U.S. Short on Oil Tankers
A disruption in global oil flows following attacks on Saudi Arabian facilities has left U.S. crude exporters without enough tankers to cover rising demand for cargoes, traders and shipping sources said.Missile…
Versalis, Petrochem JV for O&G Industry in Middle East
Versalis, the Eni chemical company, Petrochem and Mazrui Energy Services have signed an agreement to establish Versalis Petrochem Mazrui (VPM), a joint venture for the commercialization of innovative chemicals…
Oil Prices Retreat from 3-1/2 Year High
Crude prices fell on Tuesday in volatile trading after early gains lifted the U.S. benchmark past $75 a barrel for the first time in more than three years, which prompted traders to book some profits ahead of the U.S. July Fourth holiday.
U.S. Crude Hits $75 as Oil Supply Risks Mount
U.S. crude oil prices rose above $75 a barrel for the first time since 2014 on Tuesday after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions."The…
Physical Oil Market Tightens as Refiners Scramble for Crude: Kemp
Physical crude markets are at last showing signs of tightening as record refinery consumption in the United States coincides with a slowdown in oil exports from the Middle East Gulf. U.S. refineries processed…
GustoMSC Debuts Self-propelled Cantilever Jack-up
The NG-5500X-LD is the latest design in GustoMSC’s series of self-propelled jack-up designs, the NG series. Based on the NG-2500X and NG-1800X designs, the NG-5500X-LD is a solution for light drilling and well…
Traders Lose Millions as LPG Glut Routs Market
U.S. propane buyers cancel cargoes as prices sink. Chinese end-users seek to wriggle out of expensive contracts. Traders in the liquefied petroleum gas (LPG) market face a "career-ruining" glut that has led to millions of dollars in losses as Chinese buyers…
Survival of Fittest for 2016 Commodity Shippers
Downturn in dry freight market started in 2008; more ships expected to hit the water next year. Shipping companies that transport commodities such as coal, iron ore and grain face a painful year ahead, with only…
Kemp: Caught in the Cross-Fire Non-OPEC, Non-Shale Producers
The biggest losers from the current price war between OPEC and the shale producers seem set to be producers outside the Middle East and North America caught in the cross-fire. Expensive production from the North Sea…
Glut Drags Oil to 4-Month Low
Chinese stocks fall 8 pct on Monday on growth worries; Brent falls to four-month low of $53.63 a barrel. Oil hit four-month lows on Monday after a steep drop in Chinese stock markets and on more evidence of a…
First Iranian Ship Storing Oil Sails for Asia After Nuclear Deal
An Iranian supertanker with two million barrels of oil is heading to Asia after sitting in Iranian waters for months, the first vessel storing crude offshore to sail after a nuclear deal this week, data showed on Thursday.
OPEC Sees More Balanced 2016 Oil Market
OPEC sees world oil demand growth to increase in 2016; U.S. oil output growth to fall sharply next year. The global oil market should be more balanced next year as China and the developing world increase oil consumption…
Oil at 2015 High as Libya Output Slows
North Sea Brent crude reaches new 2015 high; Libyan oil port of Zueitina closed by protesters. Brent crude oil hit a high for the year above $67 a barrel on Tuesday after protests stopped crude flows to the eastern Libyan oil port of Zueitina…
Oil Prices Severely Impact Latin America
Latin America's oil producers have become caught in the crossfire between OPEC and the North American shale drillers. The number of onshore rigs drilling for oil and gas in the region fell to just 272 in January…
Floating Storage at Sea Stalls Despite Falling Oil Prices
Despite falling oil prices, traders in recent weeks have booked just a few tankers to store cargoes at sea as higher freight costs outweigh any profit play for now. This is partly due to expectation among tanker…
Mideast Crude Tanker Rates Near 3-month Low
Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment. The world's benchmark VLCC export route from…
Russia's Energy Minister to Meet OPEC as Oil Price Falls More
Russian Energy Minister Alexander Novak will meet OPEC officials on Tuesday in Vienna, his spokeswoman said, as oil's price fall piled pressure on Moscow's budget. The annual meeting had been planned long before…
Brent Oil Hits 26-month Low Under US$97
Brent crude oil on Monday slumped to its lowest in over two years, below $97 per barrel as lacklustre economic data from China, the world's top energy consumer, cast a shadow over the outlook for oil demand at a time of abundant supply. * U.S.
Slow Bookings Pressure Long-range Tanker Rates
Long-range clean tanker rates were softer on Wednesday as business was slow, with weaker sentiment keeping rates under pressure. Larger Long-Range 2 or LR2, 75,000 tonne shipments on the Middle East Gulf to Japan (MEG-JPN) route were at W115.50 or $21…
